See More

Cardano’s ERC20 Converter Coming Soon to Testnet

1 min
Updated by Ana Alexandre
Join our Trading Community on Telegram

In Brief

  • Cardano announces new ERC20 converter.
  • They hope to finally provide a real alternative to the Ethereum network.
  • Cardano has been praised for its use of proof-of-stake.
  • promo

On May 17, Cardano (ADA) announced that their new ERC20 converter would allow ethereum (ETH) tokens to run on their proof-of-stake (PoS) blockchain.

Since its launch in 2017, Cardano has provided much faster transactions at lower fees than ETH. The inability to provide smart contracts has held them back, but Charles Hoskinson, the founder of Cardano, recently announced plans to support them.

Most recently, Cardano has been praised for its use of proof-of-stake, which some believe can solve environmental worries associated with proof-of-work.

ERC2O

Cardano will soon be able to support ERC20 token migration to its platform, with the impending of Alonzo hard fork and Plutus smart contracts.

Once this is live, users of supported ethereum tokens will be able to move them from the Ethereum network to Cardano’s. Smart contracts have grown in popularity since Ethereum inception, due to their utility in business transactions. ERC20 tokens address many needs, hence they have been widely adopted by wallets and exchanges.

While the ERC20 standard was created for Ethereum, with over 400,000 contracts based on this token standard, it is becoming more expensive. So, by enabling the migration of ERC20 token to Cardano, they are now able to compete with Ethereum.

More good news for Cardano

These latest developments come on the back of an impressive few weeks for Cardano. Last month, Cardano’s parent company IOHK announced that they had partnered with the Ethiopian government, further expanding into Africa. This news came after they had announced plans to bring sustainable internet connectivity to Tanzania.

The partnership with the Ethiopian Ministry of Education aimed to provide student IDs to almost five million users, with the long-run goal of providing usable data for policymakers and drive personalized teaching.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Adam_McCarthy.jpg
Adam McCarthy
Adam is working in London while studying for a self-paced MicroMasters in Data, Economics and Public Development online with MITx. Before this he studied at Trinity College Dublin where he first became interested in cryptocurrency and blockchain. First writing for a university publication on cryptocurrency in 2015, Adam has been writing about and following the crypto economy ever since.
READ FULL BIO
Sponsored
Sponsored